The City Council has approved property tax incentives to support a pair of industrial redevelopment projects on the Northwest and Southwest sides.
A Class 6(b) property tax incentive will support the recent, $2.1 million expansion of warehouse space by ADCO Superior Properties LLC on behalf of Advance Equipment Manufacturing Co. in the Northwest Industrial Corridor. Completed in 2019, the 10,000-sq.-ft. addition enabled the company to create four new and maintain 10 existing jobs. The project is located at 4616-24 W. Superior St.
Meanwhile, a Class 6(b) property tax incentive will support the rehab of a vacant, 17,200- sq.-ft. industrial building in Bridgeport by Tara Management Co., which will use the space to create an incubator for local entrepreneurs to collaborate and grow their businesses. The incentive will reduce taxes on the property by an estimated $186,000 over the next 12 years. To be operated by Bubbly Dynamics LLC, the $966,700 project at 1100 W. 37th St. will create 58 temporary and 45 permanent jobs.